Chartbook: US Chart Crude Oil Futures: Volatile trade above 80.00

Turned up from the 55.00 support at the start of the year to consolidate at the 65.00 level. Strong rally from there has seen gains retracing almost all of the losses from the 2022 year high with gains posting fresh year high at 119.50 before settling into volatile trade within the 80.00/100.00 range area. 

Break above the 100.00 level will return focus to the upside and set up scope for retest of the 120.00 resistance where reaction can be expected. Break here, if seen, will see room for extension to the trend-line from the 2008 high at the 125.00 level. Clearance here, but not expected, will return focus to 130.50 and 147.27, the 2022 and 2008 year highs.

While the 120.00/125.00 resistance caps, lower high sought for pullback later. Below the 100.00 level and 95.00 support will open up room for pullback to retest the strong support at the 80.00/78.40, January/June 2025 year highs. Would take break here to see deeper pullback to support at the 70.00/65.00 congestion area.